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With The Stoxx EuropeTitle:
EU worries keep euro near 2-year lows, shares edge up
(Reuters) - The euro wallowed near two-year lows early on Friday while European shares edged up, as uncertainty over the fate of Greece coupled with this week's disappointing euro-zone and Chinese economic data curbed any appetite for riskier assets.
The euro was down 0.1 percent at $$1.2540, but has lost 1.78 percent this week after on Thursday touching its lowest level since July 2010, at $1.2515. The U.S. dollar index .DXY measured against key currencies benefited from safe-haven demand to touch a fresh 20-month peak of 82.411.
"Markets have priced in a very negative scenario for Greece as well as deteriorating growth prospects in the euro zone, but with them very much focused on the tail risk of Greece leaving the euro bloc, the euro remains highly vulnerable," said Masafumi Yamamoto, ...
Title:
European Shares End Green After Strongest Rout In A Month
European equity markets rebounded from the biggest sell-off in a month, pushing the stock benchmarks to settle higher on Thursday, led by gains in commodity and utility companies, neglecting the escalating financial and political strains in the 17-nation euro zone.
Regardless of a drop in European manufacturing and services and German business confidence, equities managed to advance despite the tensions in markets following yesterday’s EU summit and status of anxiety on speculations Greece may exit the euro area.
The summit showed disagreement over introducing Eurobonds as German Chancellor Angela Merkel said after the EU summit that her country support her opposition to jointly issued common European bonds.
The benchmark index for Europe, the STOXX 600 ended higher by 1.00% at 241.91, ...
Title:
Dukascopy Afternoon Forex Overview : 24/05/2012
Fundamental Analysis
EUR
European stocks returned to growth, despite services and manufacturing purchasing managers indices across Europe and German business confidence shrank more than expected. The Stoxx Europe 600 Index added 1.0 percent to 241.81. Cable & Wireless Communications Plc soared 19 percent. Sonova Holding AG gained 2.5 percent. Bayer AG declined 1.1 percent. U.S. futures and Asian stock little changed. S&P 500 futures gained 0.3 percent, MSCI Asia Pacific index added 0.1 percent.
USD
The US Dollar followed bullish trend on Thursday as Germany disapproves issuance of Eurobonds that may help to ease Greek debt burden. Traders are also cautions ahead of Euro Zone's manufacturing data release due later today. The US Dollar index, which tracks the greenback's performance ...
Title:
Doubts over EU summit send shares, euro lower
(Reuters) - World shares fell and Germany sold two-year bonds paying virtually no interest on Wednesday as investors shunned riskier assets, doubting that any new measures to tackle the euro zone debt crisis would emerge from a European leaders summit.
Concerns the latest EU summit could be a failure sent the euro to a 21-month low, put an end to a rally in European equities, and sent yields on Spanish and Italian bonds higher.
But investors bid strongly at an auction of safe-haven two-year German government bonds resulting in a yield of just 0.07 percent, while the dollar, measured against other major currencies .DXY hit a high not seen since September 2010.
The leaders are expected to discuss boosting growth at their meeting later on Wednesday and the idea of a joint euro zone bond. ...
Title:
Will Greece Leave or Not?
We have heard conflicting information about Greece over the last 24 hours: first we heard that Greece was making plans to leave the Eurozone from former Prime Minister Papademos, which was denied. Then this morning reports from a German newspaper suggested that the ECB had set up a task force (tucked away in a bunker) working on the potential fallout from a Greek exit. It's likely that we will get these conflicting headlines between now and the end of the EU summit, which starts this evening at 1800 BST.
The markets' seemed to like the idea of an Avengers - style ECB working to combat the negative effects if Athens goes to the wall, and the euro bounced from its lowest level since 2010 earlier. But the real test will be the outcome of today's summit. So what should we expect and, ...
Title:
European shares fall before EU summit
European shares retreated on Wednesday midday trading amid concerns Greece may leave the euro area, before today’s awaited informal EU summit.
The main spotlight today will be on the EU summit that will tackle euro area fiscal problems, where probably the meeting would show disagreement between Germany and France over introducing Eurobonds.
German Chancellor Angela Merkel said on Monday she will not be shy to reject Hollande`s idea of introducing Eurobonds to continue its rejection to the common bonds idea which is also favored by Italy, Belgium, Luxembourg and peripheral countries.
Greek former Prime Minister Lucas Papademos said although Greece is unlikely to exit the euro area it is still a risk.
As of 07:22 EST, STOXX EUROPE 600 slipped 1.57% to record 240.91 points. Basic ...
Title:
European Market Update : 23/05/2012
Euro hits fresh 2012 lows ahead of informal summit; More reports of an ECB contingency plan in the works
Economic Data
(GR) Greece Mar Current Account: -€2.1B v €1.1B prior
(NL) Netherlands Mar Consumer Spending Y/Y: % v -1.3% prior
(SE) Sweden Apr Unemployment Rate: % v 7.8%e
(EU) Euro Zone Apr Current Account: +€7.5B v -€5.6B prior; Current Account Seasonally Adj: +€7.5B v -€1.2B prior
(IT) Italy May Consumer Confidence: 86.5 v 89.5e (lowest reading on record after series began in 1996))
(ZA) South Africa Apr CPI (all items) M/M: 0.4% v 0.5%e; Y/Y: % v 6.2%e
(TW) Taiwan Apr Industrial Production Y/Y: -2.3% v -1.7%e; Commercial Sales Y/Y: -2.4% v -0.9% prior
(UK) Apr Retail Sales Ex Auto Fuel M/M: -1.0% v -0.7%e; Y/Y: -0.3% v +0.7%e
(UK) Apr Retail Sales with Auto Fuel M/M: -0.8% ...
Title:
Dukascopy Morning Forex Overview : 23/05/2012
Fundamental Analysis
EUR
"The rally is mostly technically driven after we became quite oversold last week."
- Raimund Saxinger, a fund manager at Trust Investment GmbH
European stocks rose by the most in a month on Tuesday. The Stoxx Europe 600 Index gained 1.91 per cent to 244.76. Germany’s DAX Index edged higher 1.65 per cent and France’s CAC 40 Index added 1.88 per cent. The U.K.’s FTSE 100 Index rose 1.86 per cent to 5,403.28
USD
"People are becoming more confident about job prospects and about taking on mortgages."
- Millan Mulraine, a senior U.S. strategist at TD Securities Inc.
U.S. existing home sales rose in April to an annual rate of 4.62 million from 4.47 million in March, said the National Association of Realtors.
GBP
"These figures give the Monetary Policy Committee ...
Title:
European shares rise on China`s plan to bolster growth, before EU summit
European shares rise on Tuesday midday trading on plans from China to bolster growth and on hopes European leaders will do more to tackle crisis when they gather at tomorrow`s informal EU Summit.
China is looking forward to accelerating the consent of infrastructure projects as well as allocating construction funding to reinvigorate growth.
On the other hand, before the awaited EU summit on May 25, German and French Finance Ministers said on Monday they agreed "to do everything to keep Greece in the euro club."
Tomorrow`s summit will tackle fiscal crisis and discuss the Greek issue, where new measures such as launching Eurobonds are expected to be on the table.
However, still there are worries after Spain had sold debt with higher yield and the OECD lowered euro area growth forecasts. ...
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